Julius Baer Group is set to launch a new programme to repurchase up to CHF450m ($493m) of its shares on 2 March 2021, after wrapping up its 2019 share buy-back programme.
The new share buy-back programme is expected to last until the end of next February.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Under the new programme, the Swiss private bank will purchase the shares through a second trading line on the SIX Swiss Exchange.
“Shares that have been repurchased under the new programme are expected to be cancelled through capital reduction to be proposed at the AGM in 2022,” noted the private bank.
Julius Baer suspended its 2019 share buy-back programme last March due to Covid-19, at the request of Swiss financial watchdog FINMA.
As part of the programme, Julius Baer bought back 2,585,000 shares at an aggregate cost of CHF113m on a second trading line on the SIX Swiss Exchange.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe cancellation of the shares bought back under this programme will be proposed at the annual general meeting (AGM) this April.
Recent developments at Julius Baer
Julius Baer reported a nearly 50% jump in net profit in 2020, driving on higher client activity which negated the impact of a write-down related to its struggling Italian subsidiary Kairos.
The group posted a net profit of CHF698.6m in 2020, compared to CHF465m reported a year ago.
Last November, the bank agreed to a settlement in principle with the US Department of Justice (DOJ) to resolve allegations over corruption linked to world soccer federation FIFA.
In October last year, a report said that Julius Baer is looking to launch a majority-owned joint venture business in China by joining forces with a local firm.
